Sherrie invested some money at 7% interest. Sherrie also invested $242 more than 4 times that amount at 6%. How much is invested at each rate if Sherrie receives $427.13 in interest after one year...
Sherrie invested some money at 7% interest. Sherrie also invested $242 more than 4 times that amount at 6%. How much is invested at each rate if Sherrie receives $427.13 in interest after one year...
Mr. Jones borrowed $3,680 from Scotiabank for 6 months at 8.75% per annum. Find: (a) The sum of money Mr. Jones had to pay the bank as simple interest. (b) The total amount of money repaid...
An individual agrees to pay $6,000 per year for three years to payoff a car loan. His payments are always made at the end of each year. If the interest rate in year 1 is 3%, in year 2 is 3.5%...
An individual agrees to pay $6,000 per year for three years to payoff a car loan. His payments are always made at the end of each year. If the interest rate in year 1 is 3%, in year 2 is 3.5%...
New members of a golf club are admitted at the start of each year and pay an initiation fee of $2,000 immediately. Thereafter, members pay an annual membership fee of $400, which falls due at the...
According to an article in the Maclean’s magazine, “Cable, satellite and wireless companies may be charging illegal late fees. Companies may calculate a compounded late-fee rate of two percent a month...
A. $2,979.44 B. $3,084.34 C. $5,464.11 D. None of the above
An oil company wants to drop the effective rate of interest on its credit card by 2.2%. If it currently charges a periodic rate of 1.20% per month, at what amount should it set the periodic rate?...
how to solve this?
how to figure this out?!?
i need help Mike invests $22,000 for a year. He invests some at the 7% interest rate and some at the 6% rate. After one year, he receives $1420 in total interest. How much did he invest...
An initial investment of $205.50 is worth $413.75 after 11 years of continuous compounding. Find the interest rate.
question about simple interest.
I have no idea how to start this. Please help. Oppenheimer has a mutual fund where an investment of $5000 at an annual interest rate of 10% compounded semianually over 25 years...
Walt made an extra $10,000 last year from a part-time job. He invested part of the money at 2% and the rest at 3.75%. He made a total of $270.00 in interest. How much was invested at 3.75%?
Don James wants to invest $57,000 to earn $1593 per year. He can invest in B-Rated Bonds paying 3.4% per year or in a Certificate of Deposit (CD) paying 1.9% per year. How much money should be invested...
At what nominal rate, compounded monthly, would $10,000 have to be invested to amount to $16,000 in 6 years?
Need to know for my math course
You find that the going rate for a home mortgage with a term of 30 years is 4.5% APR. The lending agency says that based on your income, your monthly payment can be at most $750 . How much can you...
assume that all interest rates are compound continously